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Be cautious of hidden assets in a high-asset divorce

On Behalf of | Oct 9, 2020 | Divorce

A loss of trust is common in many marital breakups. Any time there is mistrust in a relationship, it’s a possibility that one or both spouses may be hiding assets from each other. In a high-asset divorce, finding any hidden assets will help individuals in New York ensure that they are treated fairly. Here are some ways to find hidden assets during the divorce process.

To bring hidden assets to light, it is important to understand how a soon-to-be former spouse could conceal them. A few common ways a spouse may try to hide assets are saying the asset was lost, denying the asset even exists or transferring the asset to another person or party. Undoubtedly, it can be challenging to prove any of these. Keep in mind, though, there’s usually a paper trail with most assets.

Another good way to uncover hidden assets is to look over past tax returns. With the help of an attorney or financial advisor, review things like interest or dividends, supplemental income or loss and capital gains and losses. Also, don’t forget about other hiding spots like safe deposit boxes, safes or other concealed places in the home.

Technically speaking, divorce is a breakup of a partnership, and assets must be divided. Prior to proceedings, it is important for an individual to gather as much information as he or she can. Do this by taking inventory of all assets and financial documents. Those in New York who are contemplating a marital breakup or have questions about high-asset divorce can gain clarity and ensure that personal rights are protected by speaking with a seasoned attorney.


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